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China-based speaker system maker seeks TWSE primary listing
Central News Agency
2012-03-30 08:59 PM
Taipei, March 30 (CNA) Eastern Technologies Holding Ltd., a China-based speaker system supplier, has filed an application with the Taiwan Stock Exchange (TWSE) for a primary listing on the main board, the exchange said Friday. According to a prospectus filed by Eastern Technologies with the exchange, the company is planning to issue 6.75 million new shares in the offering and has set a tentative issue price of NT$30 (US$1.01) to raise about NT$202.5 million. Eastern Technologies, which is registered in the Cayman Islands, said it will use the proceeds from the new share sales to strengthen research and development, purchase raw materials for future production and improve its financial structure. The company said in the prospectus that it expects the public offering to be completed in the fourth quarter of this year. Eastern Technologies, capitalized at NT$540 million, is the first foreign-registered company to seek a primary listing on the TWSE so far this year, the exchange said. The company's main production base in Huizhou in Guangdong Province churns out a wide range of electronic products, including speaker systems used in home theaters, mobile devices and computers for international consumer electronics brands on an ODM basis. Its production line is also involved in earphone manufacturing, the company said. Eastern Technologies owns four subsidiaries, one a marketing center located in Hong Kong and the others in charge of the Huizhou production base. In 2011, Eastern Technologies posted NT$162 million in net profit with earnings per share of NT$3.01, compared with NT$191 million in net profit and EPS of NT$3.54 in 2010, according to the prospectus. (By Tien Yu-pin and Frances Huang)
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